Which of the following is true regarding the treatment of goodwill according to IFRS3 Business Combinations:
(i) Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized
(ii) Goodwill arising from a business combination is an intangible asset as defined by IAS 38, Intangible Assets
(iii) Goodwill arising from a business combination should be tested annually for possible impairment not only when there is an indication of impairment (IFRS 3.54–.55, Business Combinations)
(iv) Gain on bargain purchase is negative and is therefore recognized as an expense in the profit or loss section of the statement of profit or loss and other comprehensive income in the year in which the acquisition took place.
Select one:
a. (i), (ii) & (iii)
b. (i) & (ii)
c. (i), (ii), (iii) & (iv)
d. (ii), (iii) & (iv)